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PAMIDIGHANTAM SRI NARASIMHA, MANOJ MISRA
Oil And Natural Gas Corporation Ltd. – Appellant
Versus
G & T Beckfield Drilling Services Pvt. Ltd. – Respondent
Headnote: Read headnote
JUDGMENT :
MANOJ MISRA, J.
1. Leave granted. This appeal arises from a judgment and order of the Gauhati High Court1[The High Court] dated 08.03.2019, whereby the appeal (i.e., Arb. A 3/2007) of the respondent, under Section 37 of the Arbitration and Conciliation Act, 19962[1996 Act], was allowed, the judgment and order of the District Judge, Sivasagar, dated 15.11.2007, in Misc. Arb Case No.26 of 2005, under Section 34 of 1996 Act, was set aside and the arbitral award dated 21.11.2004 was affirmed.
FACTS
2. Facts relevant for deciding this appeal are that the appellant suffered an arbitral award, dated 21.11.2004, passed by a three member arbitral tribunal, which directed as follows:
2(i) Claim No.2 relating to the 2nd invoice for dollar 20,729.17 being the outstanding balance is allowed rejecting the claim for interest thereon.
2(ii) Claim
(1) Post-award interest – If agreement stipulates that no interest is payable, Arbitral Tribunal cannot award interest for the period and an award contrary to terms of contract would be vulnerable to....
The arbitral tribunal can award pendente lite interest unless expressly prohibited by the contractual agreement.
The Arbitral Tribunal's authority to award interest is governed by the arbitration agreement, with specific provisions for pre-award and post-award interest under the Arbitration Act.
The Court can entertain challenges based on contract terms, and the applicability of contract clauses can influence the decision to set aside an arbitral award.
The main legal point established in the judgment is that the directions for payment of interest in the impugned Award were contrary to the provisions of Section 31(7) of the Arbitration and Conciliat....
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